I think the main reason for the bearish market today is because of a decision made by SEC.
"We wish to emphasize, however, that market participants must still adhere to our well-established and well-functioning federal securities law framework when dealing with technological innovations, regardless of whether"
Airfox and Paragon will have to settle charges with SEC and moreover, they are required to reimburse ICO investors upon request. This would mean that other ICO projects which violated SEC regulations will have to follow this process. Due to this decision, corrupted ICO project foundations would need to sell their digital assets in order to have money for the fine and requested reimbursements.
As I mentioned on the previous article(
https://whaley.it/articles/93/), I still believe there should be more upcoming news that could bring the market down (even below sub 4500 zone)
However, it does not mean the collapse of the market. To become a healthy market, we need to regulate several scam projects(Too many scams out there) and build an infrastructure to protect investors. I think it is one of the preparations for the explosive growth of the market and the involvement of new investors.
Absolutely agree with you. I also think that Bitcoin will not fall below $ 4500. And this bear market does not mean that Bitcoin has come to an end. Not! It just takes time and we will probably see how its price starts to rise again.
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